Core Insights - Addex Therapeutics reported a significant increase in provisional half-year and second quarter net results for 2024, primarily due to the sale of part of its business to Neurosterix Pharma Sàrl on April 2, 2024 [1][2] Financial Performance - The provisional net gain for the six-month period ended June 30, 2024, amounted to CHF 9.8 million, compared to a net loss of CHF 5.1 million for the same period in 2023, reflecting an increase of CHF 14.9 million [2] - The increase is attributed to gross proceeds of CHF 5.0 million received in cash from the business sale and a fair value of CHF 9.4 million for a 20% equity interest in Neurosterix US holdings LLC [2] - As of June 30, 2024, the cash position of the Group was CHF 3.8 million [2] Upcoming Events - The company plans to issue its Half-Year 2024 Financial Results on September 30, 2024, with a teleconference and webcast for investors, analysts, and media scheduled for the same day at 16:00 CEST [3] Company Overview - Addex Therapeutics is focused on developing novel small molecule allosteric modulators for neurological disorders, with its lead drug candidate, dipraglurant, under evaluation for brain injury recovery [5] - The company has a partnership with Indivior for a GABAB PAM drug candidate aimed at substance use disorders, with IND enabling studies expected to start in H1 2025 [5] - Addex also holds a 20% equity interest in Neurosterix LLC, which is advancing various allosteric modulator programs [5]
Addex Provisional 2024 Half-Year and Second Quarter Result increased from a Net loss to a Net Profit